GL Bajaj Institute of Management & Research. PGDM Institute, Greater Noida organized a Workshop on “Goods and Services Tax (GST)” on Monday, January 18, 2021 for the students of PGDM Batch 2019-21 (Finance Specialization) and 2020-22 under the patronage of Mr. Pankaj Agarwal, Vice Chairman, GL Bajaj Educational Institutions. The guest speaker of the workshop was Mr Rajesh Khandelwal (CA), Faculty and Empanelled Trainer - GST by ICAI.
The event started with lighting of ceremonial lamp and invocation of Goddess Saraswati. Dr Ajay Kumar, Director, GLBIMR shared that Goods and Services Tax (GST) had been an indirect tax (or consumption tax) used in India on the supply of goods and services and also discussed the pre GST and post GST scenario with the students.
During the session, Mr Rajesh Khandelwal shared an introduction of GST and explained the pre GST tax structure of India which consisted of excise duty, service duty, sales tax, custom duty, entry tax, etc. He highlighted the constitutional amendments implemented by the government which advocated for no tax without the authority by law and also elaborated the implications of GST. He also explained the three types of GST in India - Central Goods and Service Tax (CGST), State Goods and Services Tax (SGST) and Integrated Goods and Services Tax (IGST). He further elaborated that CGST and SGST were levied on intra-state transactions whereas IGST was charged on inter-state goods/services transactions.
This workshop helped the students to understand the benefits of GST and its impact on the economy. It also helped them to understand how GST was calculated through practical case study.